I had to provide some documentation, but minimal compared to actually getting a new loan.

If I can mortage 100%, 14% interest, and still cash flow, using 50% rule, im fine with it. when i started I didnt have money to carry properties for 1 month unrented, guess what, i worked harder, faster, and made it work. kinda wish now a days i had no reserves, although my reserve fund is TINY compared to most, I think if I had NONE I would be at one of my empty recently vandalized properties right now replacing sheetrock as oppose to being on BP!

Im in a hard hit market in Northern CA so properties are still relativly inexpensive compared to what they were 5 years ago.

I'm buying at a significant discount compared to current rental value, and even if rents dropped 50%+, I could cover the payments without raiding my personal bank account.

Ask a couple of property managers and look in the paper and on Craig's List to compare rents.

I've now been using them for a dozen years (even though I moved out of the state in 2013), and Investors Accounting has saved me literally hundreds of thousands of dollars over the past decade...their annual fee is basically nothing compared to that.But, I agree that if I just wanted tax prep, I'd probably go somewhere else (or do it myself). 

If I have a big job to do I will get a few bids from different contracters and compare it to my PM's bid.

In this situation, the Optionee could simply to elect not to exercise and then purchase the house at 190(ish)K {get a few comparable in addition to the appraisal}.  

AZREIA does some great things for investors.The Deal you mentioned should be compared with other deals in the area.

Jeff -I agree that you can do this yourself with the aid of a reliable and competent property manager and investor savvy agent in your city of choice, Atlanta, Memphis, KC, Indianapolis, Cincinnati, etc.